45 Whereas, the late J. H. Bell, whose death occurred on March 27th last, had been for eleven years a member of this Board, and Whereas, during that long period he had been faithful in the performance of his duties and had done much to promote the welfare of the Bank, and Desiring to record in permanent form some testimonial of our appreciation of his services. Now, therefore, be it resolved; That we sympathize with his family in their bereavement and that we deeply regret his departure from among us, not only because we shall feel the loss of his trained business mind and his sound conservative judgment, but because, individually, we have parted with a friend, association with whom was always most pleasant and agreeable. Mr. Clifton Price replaced Mr. Bell on the Board of Directors on April 16, 1931. During 1931, Mr. Warden resigned and it was noted that the Board wanted to express to him their personal regret in his decision. Mr. H. B. Whiting filled the vacancy. The January 14, 1932 stockholders’ meeting brought sobering words from President Bradford: “We have passed through a year in which showed a marked curtailment of business especially with the agricultural interests, on which we so much depend. But the volume of business has not diminished to a marked degree. Recognizing the importance of living within one’s income, your Board reduced the dividend 1% for the past 6 months.” Salaries during 1932 were reduced further in an attempt to maintain profitability for the Bank, including the total forfeiture of the President’s salary. Director R. P. Whiting resigned on August 11th. Mr. E. Blackburn Moore, a member of the firm of Moore and Dorsey (local apple growers and packers), Speaker of the Virginia House of Delegates and a member of the State Water Control Board, succeeded Mr. Whiting. He was described as “a successful young businessman, of known character and qualification, whose service has already demonstrated his fitness for the place.” The January 12, 1933 stockholders’ meeting continued with the same sobering theme by President Bradford as the year before: “I am sure it is no news to any stockholder present to be told that the Depression, so much discussed by everybody, is still with us; and I am equally sure no stockholder expects the bank to have escaped its effects upon the bank’s business.” During the Depression unemployment grew to over twenty-five percent of the nation’s workforce, with more than twelve million Americans out of work. A new wave of bank failures hit in February 1933. On March 6th, President Franklin D. Roosevelt declared a national “bank holiday” (forcibly closing all banks temporarily) to end a run by depositors seeking to withdraw their money from faltering banks. Banks would have to apply for re-opening, proving their solvency. President Roosevelt also called Congress into emergency session where the legislature enacted, nearly sight unseen, the President’s banking proposal. Under this plan, the federal government would inspect all banks, re-open those that were sufficiently solvent, re-organize those that could be saved and close those that were beyond repair. On March 12th, President Roosevelt went on